Oil prices rise as spot demand offsets recession fears

Crude oil futures in India rose by Rs 16 to Rs 6,617 per barrel due to strong demand. Participants increased their positions in the futures market, contributing to the price increase. Globally, both West Texas Intermediate and Brent crude also saw gains due to higher demand.

Crude oil prices on Friday climbed Rs 16 to Rs 6,617 per barrel in futures trade as participants widened their positions following a firm spot demand.

On the Multi Commodity Exchange, crude oil for May delivery traded higher Rs 16 or 0.6 per cent at Rs 6,617 per barrel in 12,139 lots.

Analysts said raising of bets by participants kept crude oil prices higher in futures trade.

Globally, West Texas Intermediate crude oil was up 0.34 per cent to USD 79.22 per barrel, and Brent crude traded 0.37 per cent higher at USD 83.98 per barrel in New York.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)